Industrial and precious metals, coal, oil, as well as natural gas, collectively accounted for just 6.2% of foreign direct investment into the continent last year.
The Perth-based miner has agreed to purchase 45 million shares of the Canadian junior at a price of $2.45 per share, or about 15% of Arizona Mining’s outstanding shares.
The Russian miner wants to recover $271 million it lost when a state-backed company failed to complete the acquisition of a 50% stake in its Nkomati mine in South Africa.
The company has officially informed workers of its plans to offload the mine, noting that while there are several interested parties, the process could take months.